by The global Raman Spectroscopy Market is estimated to be valued at US$ 1.18 Billion In 2023 and is expected to exhibit a CAGR of 7.6% over the forecast period 2023 – 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Raman spectroscopy is a molecular fingerprinting analytical technique that is used to detect, identify and characterize materials. It offers non-destructive testing capabilities and provides vibrational, rotational and other low-frequency modes of a system. Raman spectroscopy finds application in fields like physics, chemistry, biology and medicine due to its advantages such as minimally invasive chemical fingerprinting and high molecular sensitivity. It provides a complete vibrational spectrum of samples to help identify the molecular structure and even crystallinity or polymorphs.
Market key trends:
Growing adoption in the pharmaceutical industry is a key trend driving the global Raman spectroscopy market. The technique is widely used during formulation development, characterization of active pharmaceutical ingredients and quality control processes in the pharma industry. It enables non-invasive, non-destructive analysis of solid oral dosage forms like tablets. Raman spectroscopy also finds increasing use in drug discovery protocols as it offers rapid, reagentless monitoring and fingerprinting of molecules. growing demand for advanced analytical tools with better accuracy and precision is therefore fueling adoption of Raman spectroscopy technologies in pharmaceutical R&D and manufacturing.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate since large capital investments are required to enter into the Raman Spectroscopy Market and to compete with the existing key players.
Bargaining power of buyers: The bargaining power of buyers is moderate owing to the availability of alternative product options from different vendors.
Bargaining power of suppliers: The bargaining power of suppliers is low as there are numerous raw material suppliers and established supply chain in place.
Threat of new substitutes: The threat of new substitutes is low as raman spectroscopy is a niche technique for chemical analysis and characterization which has a wide range of industrial applications.
Competitive rivalry: intense competitive rivalry exists among the key players to gain major market share.
Key Takeaways
The global Raman Spectroscopy market is expected to witness high growth, exhibiting CAGR of 7.6% over the forecast period, due to increasing demand from biotechnology and life sciences industries for molecular diagnostic applications. The rising demand for minimally destructive analytical technique for materials characterization across various industries is further fueling the market growth.
Regional analysis: North America dominates the Raman Spectroscopy market and is expected to continue its dominance over the forecast period. This is attributed to presence of major players and availability of advanced research infrastructure in the region. Asia Pacific is expected to grow at the fastest pace during the forecast period owing to growing investments by governments and private organizations in life science and industrial research in emerging economies such as China and India.
Key players: Key players operating in the Raman Spectroscopy market are Thermo Fisher Scientific, Bruker Corp, Renishaw plc, Horiba Ltd, JASCO Corp, Shimadzu Corp, Kaiser Optical Systems, Inc, PerkinElmer Inc, JEOL Ltd, Agilent Technologies. Major players are focusing on new product launches and enhancing their global presence through collaborations to strengthen their market positions.
